Chapter 31.12 RCW

WASHINGTON STATE CREDIT UNION ACT

Sections
FindingsIntent1997 c 397.
Definitions.
CREDIT UNION ORGANIZATION
Declaration of policy.
Use of words in name.
Application for permission to organizeApproval.
Manner of organizingArticles of incorporationSubmission to director.
BylawsSubmission to director.
Approval, denial of proposed credit unionAppeal.
Filing upon approvalFeeNotice to directorAuthority to commence business.
CORPORATE GOVERNANCE
Amendment to articles of incorporationApproval of directorProcedure.
Amendment to bylawsApproval of director requiredProcedure.
Annual membership meetings.
Special membership meetings.
Board of directorsElection of directorsTermsVacanciesMeetingsRules.
DirectorsQualificationsOperating officers and employees may serve.
Removal of directorsInterim directors.
Removal of directorsNo quorum.
Board of directorsPowers and duties.
Officers.
Directors and officersFiduciary dutyInformation relied on.
Directors and committee membersLimitations on personal liabilityExceptions.
Suspension of members of board or supervisory committee by boardFor cause.
Supervisory committeeMembershipTermsVacanciesOperating officers and employees may not serve.
Supervisory committeeDuties.
Suspension of members of a committee or members of the board by supervisory committeeFor cause.
Directors and supervisory committee membersCompensationReimbursementRules.
RiskBond coverageNotice to directorTiming.
Director may suspend any person, reasonNoticeInjunctions.
MEMBERSHIP
Limitation on membership.
Membership.
Voting rightsMethodsProxyUnder eighteen years of age.
Expulsion of memberChallengeShare and deposit accounts.
POWERS OF CREDIT UNIONS
Powers.
Additional powersPowers conferred on federal credit unionAuthority of director.
Insurance required after December 31, 1998Federal share insurance program or an equivalent share insurance programDirector's findings.
Low-income credit unionsDirector's approval requiredPowersRules.
MEMBERS' ACCOUNTS
Shares and deposits governed by chapter 30.22 RCWLimitation on shares and depositsNotice of withdrawalLien rights.
Dividends.
LOANS TO MEMBERS
LoansSecured or unsecured loans.
Limit on loan amount.
INVESTMENTS
Investment of fundsWhen investment later becomes impermissible (as amended by 2015 c 114).
Investment of fundsWhen investment later becomes impermissible (as amended by 2015 c 123).
Investment in real property or leasehold interestsLimitationsFuture expansionRules.
MERGERS, CONVERSIONS, AND VOLUNTARY LIQUIDATIONS
Mergers.
Merger or conversion of state into federal, out-of-state, or foreign credit union, or other type of financial institution.
Merger or conversion of federal, out-of-state, or foreign to state credit union.
Authority of out-of-state or foreign credit union to operate in this stateConditionsRules.
LiquidationDisposition of unclaimed funds.
EXAMINATION AND SUPERVISION
Powers of director.
Powers of director under chapter 19.144 RCW.
Examinations and investigationsReportsAccess to recordsOathsSubpoenas.
Examination reports and specified other information confidentialExceptionsPenalty.
ReportsFinancial and statistical dataAs required by director.
Generally accepted accounting principles.
Notice of intent to establish branchAnother state or foreign jurisdiction.
Removal or prohibition ordersDirector's authorityNotice.
Contents of notice under RCW 31.12.575HearingOrder.
Prohibited actsNoticeCease and desist order.
Temporary cease and desist orderNoticePrincipal place of businessSuperior court.
Administrative hearingProcedures.
Authority of director to call special meeting of board.
Authority of director to attend meetings of the board.
Intervention by directorConditions.
Supervision by directorNoticeComplianceCosts.
Supervision by directorCertain acts prohibited.
Supervision by directorCredit union request for review.
ConservatorAuthorized actionsCosts.
Actions by conservatorReview.
Lawsuits during period of conservatorship.
Conservator serves until purposes are accomplished.
LiquidationSuspension or revocation of articlesPlacement in involuntary liquidationAppointment of liquidating agentNoticeProcedureEffect.
Order directing involuntary liquidationProcedure.
ReceivershipAppointment of receiver by directorNoticeAct without bond.
Director's ordersNotice to director of hearingHearingPrincipal place of businessSuperior court.
Powers and duties of receiver.
Claims against credit union in receivershipNotice.
Receiver shall inventory assetsFile lists of assets and claimsObjections to approved claims.
Expenses incurred by receiver.
Liquidation dividendsApproval of court.
Remaining assetsDistribution.
Unclaimed liquidation dividends.
Personal propertyReceiver's duties.
Proceeds of saleDeposit or payment by receiver.
Completion of receivershipMerger, purchase, or liquidationSecretary of state.
Director may terminate receivershipExpenses.
Receivership files.
Pendency of proceedings for review of appointment of receiverLiabilities of credit unionAvailability of relevant data.
Appointment by court of temporary receiverNotice to director.
Actions that are voidFelonious conductPenalties.
Conservator or receiver may terminate or adopt executory contractsTimingBinding termsLiability.
Applicability of general receivership law.
MISCELLANEOUS
Prohibited actsCriminal penalties.
Prohibited actsCivil penaltiesRules.
Taxation of credit unions.
Satellite facilities.
Automated teller machines and night depositories security.
Short title.
Effective date1997 c 397.
Severability1997 c 397.
Severability2001 c 83.
ConstructionChapter applicable to state registered domestic partnerships2009 c 521.
Effective date2010 c 87.
NOTES:
Business license system exemption: RCW 19.02.800.
Credit unions as public depositories: RCW 39.58.240.
Fairness in lending act: RCW 30A.04.500 through 30A.04.515.